Steve Bond is president of Trius Lending Partners, which is
headquartered in Maryland. Trius is a direct private-money
and hard money lender that funds residential investment
properties, fix-and-flip and rehab projects, and commercial
properties throughout the Mid-Atlantic region. Trius Lending
Partners underwrites from a “common-sense” approach and
handles every aspect of a loan in-house, typically closing
deals within a week. Reach Bond at (443) 898-4090
There are a lot of options when looking to get a hard money loan for a fix-and-flip or rehab project. Commercial mortgage brokers can feel overwhelmed in knowing
who to trust and where to go to find the best option for
It’s easy to choose or partner with a national lender
because of their excellent programs and extensive
reach. Arranging a hard money loan through a local
partner, however, may be the better option in many
cases. A local hard money lender is someone who lives
close by, can be on-site within a few hours and can
meet clients face to face. Unlike national lenders that
deal with everything via fax or phone, local lenders can
be there in person to help your client along the way.
Local hard money lenders are not affiliated with any
banks, and they only lend in a handful of states. There
are four key reasons why choosing to work with one of
these specialty lenders is the right option for a commercial rehab or fix-and-flip project. These reasons
include the lender’s speed, extensive knowledge,
varied partnerships and valued support.
Need for speed
The first key reason to choose a local hard money lender
is for their speed. A local lender lives in or near the
area, and can quickly and easily visit properties. They
personally inspect properties and respond to draw
requests within hours. This means that you and your
client can get started on a project sooner.
National lenders may slow down the process because
they need to send out third-party companies to
inspect properties. Local lenders can start projects
within a few days and can usually give their clients the
money on scene after draw inspections.
Speed can be a crucial component to obtaining
the highest return on investment. Having a local hard
money lender close to the property and, potentially,
on scene within hours is the best way to complete a
project efficiently and effectively.
Another key reason to choose a local hard money
lender is their extensive knowledge. They typically
have a deep understanding of the market, its sales
potential and the best times to sell.
Using this data is one thing, but having the intimate
knowledge of the area is another. Local hard money
lenders have watched the market fluctuate over the
years and continued to invest. They should have a
lot of experience with various project types and can
correct mistakes before they happen, which will help
maximize return on investment.
Local lenders also know their areas extremely well.
When fixing and flipping a single-family home, for
example, there may be certain aspects that are more
desirable in a particular market, such as a larger kitchen.
Local hard money lenders have more insight and experience in knowing what sells in their area and what buyers
National lenders may have a broad overview of an
area, but they may never know the important specifics
that can help increase your client’s return on investment. Choosing a local hard money lender will ensure
a property is transformed into something the local
Take a Local Approach to Hard Money
Faster response times and specialized knowledge are reasons to stay close to home
By Steve Bond